Monday, 14 May, 2012

Venture Lab OAP: Value Proposition Hypothesis Testing

In the last post, I had written that my idea was finally selected for OAP. However, the idea did not seem to resonate well with my team-mate Vishal. He insisted that data collection for his idea will not be a problem as Prof. Chuck and his team could help us in gathering data from US markets. The team then decided that Vishal should contact Prof. Chuck and inquire if Prof. and his team could help us in gathering the data. Prof. Chuck in his response advised us that our team must consider moving to another idea if data collection is an issue in the business idea. With this, all the apprehensions were killed and the team finally unanimously agreed to pursue my Books idea as the project for OAP.
In the mean time when the above was happening, I created an Online Survey (powered by Google Docs) to test the Value Proposition Hypothesis in our Business Model. The aim was to collect as many as real user data for our survey. We wanted to see if the solution that we are offering was really valuable to our customers. Are they really facing the problem that we think we have a solution of..? The survey form is as shown below. (Please find some time to fill it :-)

Now, the huge task was to ask people to fill the survey. My team decided that each one of us will get at-least 10 of our friends to complete the survey. This is when I so much realized the power of Social Networks. I shared the form on my Facebook, Linkedin, Twitter, Google+ and now on this blog. Moreover, I requested (via chat on Google Talk) each of my friends who were online for the past 1 week to complete the survey. My efforts paid off. We compiled a preliminary results for posting on Venture Lab . On 12th May, when I was compiling the survey results after 4 days since the Survey went Live, we had received a total of 55 responses and out of the 55, a whooping 35 were my friends. I was so much happy and sent a Thank You note to all my friends for co-operating.
Our survey results were very satisfying. We found that people were indeed interested in the solution that we were offering. I compiled all the survey results and made a presentation. The presentation is given below.

The OAP final submission is due on 19th May. We now have only a week left and have to test our all other aspects of the Business Model. One important aspect in our business model is that of Key Partners. Yesterday (13th May), I went to Avenue Road in Bangalore (the Hub of Second Hand Books Markets) to talk to some Second hand book stores and get to know from them about the business. More on that in the next post. Stay Connected....

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